Tax cuts package extends ethanol incentives
Sioux Falls, S.D. (AP) — Ethanol supporters in the Dakotas are praising tax cuts passed last week in Washington for extending alternative fuel incentives.
The $858-billion package includes a one-year extension on a tax credit that pays 45 cents per gallon for ethanol blended into gasoline, a move that's estimated to cost about $6 billion. Congress also extended a tariff on foreign-made ethanol.
Industry officials say the credits help ethanol stay competitive with oil and preserve jobs tied to ethanol plants.
The American Coalition for Ethanol's Ron Lamberty says the country still needs to have incentives for oil companies and gas stations to buy ethanol.
An executive from ethanol producer Poet says the extension shows the government's firm commitment to renewable fuel and rural jobs.
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